Transactions: March 2016

The following is a list of transactions that were announced between 12/30/2015 – 01/22/2016. To have your transaction featured, submit details to mallory.bulman@cpe-mhn.com.

Arium Barber Park in Orlando, Fla.

Arium Barber Park in Orlando, Fla.

SALES:

Arium Barber Park

Location: Orlando, Fla.

No. of Units: 526

Buyer: White Eagle Property Group

Seller/Representative: CBRE Investment Properties

Notes: CBRE represented the seller, Carroll Organization.

Value: $51.9 million


Allister North Hills

Location: Raleigh, N.C.

No. of Units: 434

Buyer: Heitman

Seller/Representative: Federal Capital Partners/Kane Realty Corp.

Notes: Kane Residential will continue to manage the property for the new owner.

Value: $93.5 million


The Millennium in Woodland Hills

Location: Los Angeles

No. of Units: 395

Buyer: TruAmerica Multifamily

Seller/Representative: Intercontinental Real Estate Corporation

Notes: Under its new ownership, the property will be rebranded as The Motif.

Value: $163 million


The Pointe

Location: Vancouver, Wash.

No. of Units: 387

Buyer: Green Leaf Capital Partners

Seller/Representative: HFF

Notes: The seller was an affiliate of Kennedy Wilson.

Value: $55 million


Stoneridge Farms

Location: Nashville, Tenn.

No. of Units: 336

Buyer: Steadfast Apartment REIT

Seller/Representative: undisclosed

Notes: The REIT plans to upgrade all unit interiors.

Value: $47.7 million


Lakes of Palm Harbor

Location: Palm Harbor, Fla.

No. of Units: 292

Buyer: RADCO Cos.

Seller/Representative: ARA

Notes: ARA, a Newmark company, represented the undisclosed seller.

Value: $33.5 million


Crescent Centre

Location: Louisville, Ky.

No. of Units: 209

Buyer: Trilogy Real Estate

Seller/Representative: Marcus & Milichap Louisville

Notes: Approximately 30 units have been upgraded with new interiors.

Value: $22 million


Rossmoor Manor Apartments

Location: Los Alamitos, Calif.

No. of Units: 150

Buyer: Revere Investments

Seller/Representative: Given & Benjamin Los Alamitos Investment Co.

Notes: NAI Capital represented the seller.

Value: $33.5 million


The Crescent Club

Location: Queens, N.Y.

No. of Units: 130

Buyer: Weiss Realty

Seller/Representative: Bonjour Capital

Notes: This marks the third time the property has traded hands in the last four years.

Value: $97 million

 

FINANCING:

Eighty Seven Park in Miami

Eighty Seven Park in Miami

Eighty Seven Park

Location: Miami

Type of Financing: construction

No. of Units: 70

Lender: United Overseas Bank

Arranged By: undisclosed

Notes: The borrowers were a partnership between Terra, Bizzi & Partners Development and New Valley.

Amount: $91 million


The Left Bank

Location: Philadelphia

Type of Financing: refinance

No. of Units: 282

Lender: New York Community Bank

Arranged By: HFF

Notes: The borrower was Dranoff Properties.

Amount: $88 million


207 Van Vorst

Location: Jersey City, N.J.

Type of Financing: construction

No. of Units: 255

Lender: Wells Fargo Bank

Arranged By: HFF

Notes: The borrower was 207 Van Vorst Realty Company LLC.

Amount: $63.5 million


Eighteen Ten State St.

Location: San Diego

Type of Financing: development

No. of Units: 99

Lender: UBS Asset Management

Arranged By: HFF

Notes: The borrower was McMillin Cos.

Amount: $42.5 million


Couch 9

Location: Portland, Ore.

Type of Financing: construction

No. of Units: 136

Lender: undisclosed

Arranged By: HFF

Notes: The borrower was Urban Asset Advisors and the loan was acquired through a non-local debt fund.

Amount: $41.6 million


Villas at Parker

Location: Denver, Colo.

Type of Financing: acquisition

No. of Units: 345

Lender: Freddie Mac

Arranged By: HFF

Notes: The borrower was Advenir Inc.

Amount: $31.2 million


Covington Senior Care Services

Location: Kenner, La.

Type of Financing: construction

No. of Units: 127

Lender: Louisiana Public Facilities Authority

Arranged By: Preston Hollow Capital

Notes: The loan will fund the construction of an assisted living and memory care community.

Amount: $29.2 million


Renaissance Senior Living

Location: Tampa, Fla.

Type of Financing: acquisition

No. of Units: 226

Lender: undisclosed

Arranged By: Cushman & Wakefield

Notes: The borrower was the Carlyle Group.

Amount: $28.7 million


The Encore Apartments

Location: Plano, Texas

Type of Financing: refinance

No. of Units: 240

Lender: Fannie Mae

Arranged By: NorthMarq

Notes: The property is a part of the Legacy Business Park in North Plano.

Amount: $18.2 million